Mumbai, July 9 -- As per the company's exchange filing, NLC would form a joint venture company (JVC) with National Aluminium Company (NALCO) for the development of 4x270 MW (1,080 MW) coal based thermal captive power plant at Angul, Odisha. The power plant would meet the captive power requirement of NALCO's 0.5 MTPA Aluminium Smelter Expansion Project.

The JVC is proposed to be newly incorporated. Upon incorporation, NLCIL and NALCO shall each hold equity shares in the JVC in the ratio of 50:50.

The JVC would execute Fuel Supply Agreement (FSA) with NLCIL from its Machhakata coal mine or any other mines for 25 years. The entity would also execute a 25 years Power Purchase Agreement (PPA) with NALCO for 100% offtake of power under Sectio...